Section 271.100  Purpose

 

The purpose of this Part is to implement Public Act 96-1103 by providing for the training of the employees and officers of financial institutions who have direct customer contact in the proper recognition and reporting of suspected financial exploitation of older persons.

 

a)         The Department on Aging is responsible for developing minimum standards for financial exploitation training by financial institutions.

 

b)         The Department of Financial and Professional Regulation is responsible for ensuring compliance with the minimum standards for financial exploitation training by financial institutions subject to its jurisdiction, including gathering statistics, providing reports and retaining visitation and enforcement authority in relation to the regulation of these institutions.

 

c)         Both agencies will work together to develop and implement these joint rules.

 

Section 271.101  Joint Rule Provisions

 

The cross-reference to the joint rule provisions for the Department of Financial and Professional Regulation is found in 38 Ill. Adm. Code 220.

 

Section 271.110  Definitions

 

"Bi-annual report" means the report compiled by the Department of Financial and Professional Regulation and submitted to the Department on Aging, which will include aggregate figures on the numbers of employees and officers of financial institutions who were trained pursuant to this Part in the previous two quarters.

 

"Department" means the Illinois Department on Aging.

 

"DFPR" means the Illinois Department of Financial and Professional Regulation.

 

"Direct customer contact" means that the employee or officer of the financial institution has face-to-face or telephonic contact with the older person.

 

"Elder Abuse and Neglect Program" means the program established pursuant to the Elder Abuse and Neglect Act [320 ILCS 2] and managed by the Department on Aging.

 

"Financial exploitation" means the use of an older person's resources by another to the disadvantage of the older person and/or the profit or advantage of a person other than the older person.

 

"Financial institution" means a bank, credit union or savings institution operating in Illinois.

 

"Older person" means a resident of Illinois who is age 60 or older.

 

Section 271.120  Financial Exploitation Training

 

a)         A training program shall minimally include information on the following subjects:

 

1)         recognizing the indicators of financial exploitation;

 

2)         how to report financial exploitation of older adults.

 

b)         The training may be by in-person training or other media, such as a DVD, video tape or the Internet, and it must be at least 30 minutes in duration. 

 

c)         Completion of the B*SAFE (Bankers and Seniors Against Financial Exploitation) training program, developed by the Department on Aging, may be used to satisfy the training requirements of this Section.

 

d)         Current employees and officers of a financial institution on August 1, 2011 who have direct customer contact must satisfactorily complete financial exploitation training by February 1, 2012 and complete refresher training every three years thereafter.

 

e)         New employees and officers of a financial institution who are hired after August 1, 2011 and who will have direct customer contact must satisfactorily complete financial exploitation training within 6 months after entering into new or different positions and complete refresher training every three years thereafter.

 

Section 271.130  Reports

 

a)         An officer of each financial institution shall be designated to create and maintain a record of each employee and officer of the financial institution who has satisfactorily completed training.

 

b)         The list of the employees and officers in each financial institution who have satisfactorily completed training shall be maintained by the institution and be available for inspection at all times by the Department of Financial and Professional Regulation.  The list shall include the total number of employees and officers having satisfactorily completed the training.

 

c)         DFPR will compile a statewide bi-annual report and submit that report to the Department on Aging not more than 45 calendar days following the close of the reporting period.